Nifty advances for second straight day
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Nifty held on to gains through Wednesday to advance for the second day, helped by positive global cues, said Deepak Jasani, Head of Retail Research at HDFC Securities.
At close on Wednesday, Nifty was up 0.62 per cent or 121.5 points at 19,811.35, while Sensex settled at 66,473.05, up 394 points or 0.60 per cent.
Volumes on the NSE kept improving day over day. The Small-cap index rose more than the Nifty even as the advance decline ratio remained high at 1.98:1.
Global stocks edged higher on Wednesday, with investors cheered by Chinese stimulus hopes and a drop in bond yields, before the release of the latest Federal Reserve meeting minutes and US inflation figures, Jasani said.
Rise in risk appetite followed by dovish comments from US Federal Reserve officials which spurred optimism that the central bank might pause interest rate hike this year helped sentiments. However, a rally in European stocks stalled due to disappointing corporate news.
Net investments into actively managed equity schemes in India declined 30.4 per cent over the previous month to Rs 14,091.3 crore in September.
Inflows eased on account of drop in Small-cap fund investments and continued outflows from Large-cap schemes. SIP contribution to mutual funds industry in September stood at Rs 16,420.06 crore, compared to Rs 15,813.5 crore in August.
Assets under management for SIPs stood at Rs 8.70 lakh crore, against Rs 8.47 lakh crore in the previous month, he said
